By: Tim Syrianos, TREB President
The October Housing Market figures have been released by TREB. The figures show an above-average increase between September and October of almost 12 per cent, pointing to stronger fall market conditions.
On a year-over-year basis, October sales were down compared to 9,715 transactions in October 2016. Total sales reported through the first 10 months of 2017 amounted to 80,198, down from 99,233 for the same time period in 2016.
Every year, we generally see a jump in sales between September and October. However, this year, that increase was more pronounced than usual compared to the previous ten years. So, while the number of transactions was still down relative to last year’s record pace, it certainly does appear that sales momentum is picking up.
The MLS® Home Price Index Composite benchmark price was up by 9.7 per cent on a year-over-year basis in October. Annual rates of price growth were strongest for townhouses and condominium apartments. The average selling price for October transactions was $780,104, which was up by 2.3 per cent compared to the average of $762,691 in October 2016.
TREB will be undertaking its annual consumer polling process over the last two months of 2017. This polling will include research into the impact of recent and proposed government policy changes on consumer intentions to buy and sell homes in the GTA, including the impacts of the new Office of the Superintendent of Financial Institutions’ (OSFI) guideline and a potential vacancy tax in the City of Toronto. In addition, TREB continues to work with different levels of government on solutions to the long-term housing supply issues in the region.
If you have questions, talk to a Toronto Real Estate Board Professional Member REALTOR® for further help and guidance.
For updates on the real estate market, visit TREBhome.com.